The United States Securities and Exchange Commission (SEC) ordered against a rule change to allow investment manager VanEck to create a spot Bitcoin Trust on March 10. Commissioner Mark Uyeda joined his colleague Hester Peirce in releasing a statement that criticized the commission’s decision not to approve the listing and trading of the financial product.
The commissioners noted that the SEC has disapproved every application for a spot Bitcoin (BTC) trust that has been filed, amounting to almost 20 over the last six years. Its decision on VanEck “repeats the analysis that the Commission has given in each of these recent orders,” they said, but:
“In our view, the Commission is using a different set of goalposts from those it used—and still uses—for other types of
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